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Judge clears sale of hotels worth $86 million amid ongoing First Farmers fraud litigation

By Scott Holland | Wednesday, Sep 9, 2015 @ 10:11pm

The online sale of five hotel properties worth a combined $86 million is proceeding after a federal judge in Chicago approved the transaction, which is connected to an ongoing lawsuit regarding a multi-million dollar fraudulent loan scheme. Pennant Management is embroiled in legal proceedings after accusing First Farmers Financial of selling it the federally guaranteed portions of 26 fraudulent loans allegedly worth $180 million.